Australia Govt's first stimulus package was 'clearly not sufficient'

04:20  17 march  2020
04:20  17 march  2020 Source:   skynews.com.au

PM to unveil up to $10b in stimulus as early as Tuesday

  PM to unveil up to $10b in stimulus as early as Tuesday The government will unveil up to $10 billion in stimulus measures as early as Tuesday, Sky News Political Editor Andrew Clennell says. Prime Minister Scott Morrison and Treasurer Josh Frydenberg flagged last week they would introduce “scalable and targeted” stimulus measures to help offset the impact of COVID-19 on the economy. Treasury on Thursday estimated the virus is likely to wipe 0.5 per cent of growth from the economy in the March quarter and warned the June figures and beyond could also take a hit. Mr Clennell said it is expected the stimulus costing will be closer to $10 billion.

A stimulus package is a package of economic measures put together by a government to stimulate a floundering economy. The objective of a stimulus package is to reinvigorate the economy and prevent or reverse a recession by boosting employment and spending.

B. The first ties between Russia and Britain were formed in the middle of the 16th century in the time of Ivan the Terrible. It was then that some wealthy British merchants founded the Muscovy Company which held a monopoly on trade between Britain and Russia until 1698.

Shadow Treasurer Jim Chalmers says he welcomes the government's decision to fill the “obvious gaps” in its first stimulus package, telling Sky News the first package was "clearly not sufficient". 

The government is expected to fast-track its second assistance package - due to be announced this week - through the parliament when it returns next week.

The government announced it would release a second stimulus package just days after Prime Minister Scott Morrison outlined his $17.6 billion plan to stave off a coronavirus-induced recession.

Govt to spend $1.2 billion before end of June in response to COVID-19 crisis

  Govt to spend $1.2 billion before end of June in response to COVID-19 crisis Prime Minister Scott Morrison has officially announced the government's $2.4 billion coronavirus health package, committing to spend $1.2 billion before the end of June. Up to 100 pop-up clinics will be established across the country and a new Medicare item will be created to subsidise video and tele consultations. The emergency health package - which will include a $30 million information campaign to stop panic buying - comes ahead of an economic stimulus package to be unveiled this week.Mr Morrison said the package was designed to assist the straining health system amid the crisis.

“This ( stimulus package ) is in the right direction, but not sufficient ," Rajiv Kumar, director of Indian Council for Research on International Economic The government had given Rs20,000 crore of additional funds for infrastructure as part of the first stimulus package unveiled on 7 December.

using peer teaching and encouraging children to practice their skills focusing lessons on the upper limit of a children' s one of proximal development to teach advance cognitive skills using assessments to provide information on a child' s one of proximal development. The zone of proximal development is

Mr Chalmers urged the government to act with more “urgency” with the upcoming package.

“The government said on Thursday the package was proportionate to the challenge that we face in the economy, and that’s clearly not right,” he said.

“I’m not making a political point there, I’m making an economic point that that was not sufficient then and it’s certainly not sufficient now.

“We welcome the news the government is going to do more. We need to see more urgency with this package they are about to release.”

Image: News Corp Australia

At Microsoft News Australia we've partnered with the giving platform Benevity to raise funds for UNICEF: Donate now and help health workers in the battle against the novel coronavirus. Coronavirus Health Information Line

Call 1800 020 080 if you are seeking information on novel coronavirus. The line operates Monday–Friday from 8am to 8pm, Saturdays from 8am to 5pm, and Sundays from 9am to 5pm.

Payments to job seekers doubled, help for small businesses .
The Morrison government has announced a series of measures to help casual workers, sole traders, retirees and those on income support as part of its second $66 billion stimulus package in the face of the coronavirus. Treasurer Josh Frydenberg said since announcing the first $17.6 billion package 10 days ago the global and domestic economic environment has deteriorated. "We now expect the economic shock to be deeper, wider and longer," Mr Frydenberg told reporters in Canberra today.

—   Share news in the SOC. Networks
usr: 0
This is interesting!